A Contract of Work (CoW) is granted to PT Danau Toba Mining, majority -owned by Normandy Mining, for the purposes of mineral exploration and gold mining. The CoW area overlaps the Districts of North Tapanuli, Central Tapanuli, South Tapanuli and Mandailing Natal and the city of Padangsidimpuan.
The Company’s name PT Danau Toba Mining is changed to PT Horas Nauli.
PT Newmont Horas Nauli has changed its name to PT Horas Nauli as the holder of the Martabe CoW, majority-owned by Newmont East Asia
PT Agincourt Resourceshas changed its name to PT Newmont Horas Nauli to continue the development of the Martabe Project, still majority-owned by Newmont East Asia.
Oxiana becomes the beneficial owner of the Martabe Project through the acquisition of PT Agincourt Resources. Following a review of a Definitive Feasibility Study, the Board of Oxiana approves development of the Martabe Gold and Silver Mine Project in December 2007.
Twenty-five environmental studies completed for the project. Key documents and government approvals are obtained, including a Feasibility Study, Environmental Impact Assessment and a construction permit. Construction activities commence, including road access, laydown and camp areas and preparation for plant site construction.
G-Resources, a Hong Kong publiclylisted company, takes over ownership and development of the Martabe Gold Mine Project in July 2009.
Construction activity reaches a peak with more than 4,000 workers at the site, 40% of whom were recruited locally. Construction of the Tailing Storage Facility is approved.
Completion of project construction is followed by plant commissioning and commencement of operations. Commissioning approval for mine discharge is received from the Tapanuli Regency. The first gold is poured on 24 July 2012. A 5% share transfer agreement between PT Agincourt Resourcesand the Governments of South Tapanuli Regency and North Sumatra Province is signed on 24 July 2012.
Following successful completion and submission of appropriate documentation, approval for mining at Barani and Ramba Joring pits is issued by the Indonesian Government in March 2016. Mining at the Barani pit commences. G-Resources as the main shareholder of PT Agincourt Resourcesis replaced by a consortium comprising EMR Capital, a specialist mining private equity fund, Farallon Capital, a global financial investor, and Robert Hartono & Michael Bambang Hartono.
Mining commences at the Ramba Joring Pit. The end of 2017 sees the most successful production and exploration results in AGINCOURT RESOURCES’s history. The operation milled a record 5.35 Mt to produce 355,000 ounces of gold. The exploration and resource development program included 120k metres drilled by up to 15 rigs with Mineral Resources increasing to 8.9 million ounces gold and Ore Reserves increasing to 4.8 million ounces gold. Strong operating cash flows, increased reserves and a longer mine life enabled the Company to refinance its US$425 million senior debt with a longer tenor, lower interest rates and more avourable terms and conditions.
Production results again exceed key records set in preceding years. A record 5.57 Mt of ore is processed to produce 410,387 ounces of gold, a 15% increase from 2017. An All In Sustaining Cost (AISC) of US$367 per ounce supports a Net Profit after Tax of US$167 million. Strategic growth is supported by a successful exploration program, government approval to mine the Tor Uluala deposit, and ongoing development of sulphide processing projects. In December 2018, there was a smooth transition in majority ownership of the Company with the acquisition of 95% of shares by PT Danusa Tambang Nusantara, owned by PT United Tractors Tbk (60%) and PT Pamapersada Nusantara (40%).
Another record-breaking year for ore processing, AGINCOURT RESOURCESmilled 6.0 Mt of ore to produce 391,031 ounces of gold, while maintaining low All In Sustaining Cost US$443/oz.We have achieved these results without compromising other important operational outcomes such as safety and the protection of the environment. Sustainability has remained our major focus.
A successful year during the COVID-19 Pandemic, achieving the dual objectives of (a) maintaining the health and safety of our personnel, and (b) to continue operating for the benefit of all our stakeholders. Achieved record for tonnes milled of 6.1Mt slightly higher than in 2019. No Lost time injuries at Martabe for 3 years.